Top savings accounts this week: Britons urged to grab up to 8% interest - but 'speed is essential' to secure best deals
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Savers are urged to secure the best interest rate possible on their savings
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Savers are urged to secure the best interest rate possible on their savings
Savers are warned top rate deals have been withdrawn or reduced over the past week so now is the time to act.
Experts from Moneyfactscompare have compiled a list of the best savings accounts for this week.
Despite the consumer price index (CPI) easing to two per cent, the central bank has held interest rates at 5.25 per cent since August 2023.
Since then the base rate has remained the same, but analysts predict a rate cut is on the horizon which could mean savings rates will dip in the short-term.
Savers are warned the top rate deals on the market are decreasing so time is of the essence.
Britons can still get fixed rate bonds, easy access accounts and ISAs paying five per cent or more, and a regular saver that pays eight per cent AER.
Premium Bonds are another option for savers
NS&IAmong the banks and building societies offering competitive interest rates include Nationwide, the Co-operative, NatWest and TSB.
Rachel Springall, Finance Expert at Moneyfactscompare.co.uk said: “In contrast to recent activity, some of the top fixed rate bonds have been slashed or pulled making it crucial for savers to keep abreast of the latest deals and act quickly to apply.
"Despite these changes, there are still fixed rate bonds, easy access accounts and ISAs paying five per cent or more, and a regular saver that pays eight per cent AER.
"Variable rates remain rather stable week-on-week apart from a notable change from Chase, so it is still essential savers review their easy access account and switch if they are getting a poor return on their hard-earned cash.
“Leading the market for a consecutive week is a one-year fixed bond from Union Bank of India (UK) Ltd which pays 5.40 per cent AER. Isbank moved to increase its rate to 5.17 per cent AER, which sits in the middle of the top 10.
"However, both SmartSave and StreamBank reduced rates and Close Brothers Savings withdrew its bond. Such volatility within the one-year fixed bond market means savers will need to keep a close eye on the rates if they want to secure a guaranteed return of over five per cent over the next 12 months.
“Those savers who want to fix their cash for longer may want to make note of a change to the top two-year fixed bond rate tables. Close Brothers Savings withdrew its bond, which was a market-leader at 5.06 per cent AER, so the top position is now held by RCI Bank UK at five per cent AER.
"This area of the market is awash with Challenger Banks, so the rates and products on offer and come and go quickly if a provider meets its deposit target."
Best regular savings accounts
Here is a full list of the best regular savings accounts on offer for the week beginning July 22, 2024:
Best fixed-rate savings accounts
Here is a full list of the best savings accounts with a one-year fixed rate for the week beginning July 22, 2024:
Best cash ISAs
Here is a full list of the best cash ISAs with a one-year fixed rate attached for the week beginning July 22, 2024:
Here is a full list of the best cash ISAs with a variable rate attached for the week beginning July 22, 2024:
Best easy-access savings accounts
Here is a full list of the best easy-access savings accounts without a bonus attached for the week beginning July 22, 2024: